RUST BRADLEY M 4

What Happened
Bradley M. Rust, President and Chief Financial Officer of German American Bancorp (GABC), surrendered a total of 2,154 shares on March 16, 2026 to satisfy tax withholding obligations tied to the vesting of restricted stock awards. The dispositions were: 765 shares at $40.07 ($30,654), 813 shares at $40.07 ($32,577), and 576 shares at $40.07 ($23,080) — totaling $86,311.

Key Details

• Transaction date: 2026-03-16; filing date: 2026-03-17 (timely).
• Price per share reported: $40.07 for each lot.
• Shares surrendered: 765 (F1), 813 (F2), 576 (F3) — total 2,154 shares.
• Footnotes: F1–F3 indicate these were share surrenders to satisfy tax withholding upon vesting of restricted stock awards granted on March 15, 2023 (2,400 shares vested), March 15, 2024 (2,551 shares vested), and March 15, 2025 (1,807 shares vested).
• F4 notes the reported beneficial ownership includes 16,464 shares jointly owned with his spouse.
• Transaction code: F = tax withholding (not an open-market sale or purchase), so this is a routine withholding action rather than a discretionary sale.

Context
This was a tax-withholding disposition tied to restricted stock vesting — common when executives receive vested equity. Such surrenders are administrative and do not necessarily indicate a change in the insider’s view of the stock. No purchase or exercise-for-cash occurred; rather shares were delivered back to the company or withheld to cover taxes.